Marketing environment
The macroeconomic factors present opportunities and threats that require effective marketing plans. As such, the marketing environmental analysis is salient in understanding the impact of the microenvironmental and macroenvironmental factors on a company’s marketing abilities. This analysis will encompass the company’s microenvironment and the macroenvironment.
Microenvironment
The company has a large number of skilled employees from various departments thus making it easier to identify errors at any stage of production. The availability of specialists in the company at every department is essential for the company to constantly monitor the quality of its products.
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Macroenvironment
Due to the noble Covid-19, the government established health policies on public safety which are essential for the company’s success in launching the disinfectant. The codes and practices established by the government with regard to the virus can provide a pedestal for the company’s success by offering it an opportunity to infiltrate the company without restrictions. Subsequently, social factors can also provide an opportunity for the company with the introduction of a disinfectant aimed at protecting the people from the virus thus signifying the company’s involvement in people’s welfare (Libraries, 2011). For environmental factors, the possible threats are inconsistent supply and demand. Buffer inventory can be an ideal tool in shielding the company in stock-out situations.
Environmental factors
The world is rapidly progressing in various sectors with every transformational development having an impact on the environment. As such, the company must be aware of several environmental factors which include environmental policies, climate change, waste disposal pollution, green agenda, recycling, and availability of natural resources (Farooq, 2018). It will be necessary for the company to respond to environmental issues ascribing from business-related activities by conducting public awareness campaigns and repurposing old products to serve broad purposes within the consumers’ needs.
Competitive analysis
Clorox Company and Reckitt Benckiser Group are the company’s competitors. Clorox offers a wide range of products including Clorox disinfecting wipes, cleaning agents, dietary supplements, digestive health, and healthcare. Clorox’s brands include Brita, Pine-Sol, Neocell, and Kingsford (Haqui, 2020). In contrast, Reckitt Benckiser’s products include cleaning detergents and supplies in various brands such as Harpic, Dettol, Durex, and JIK.
Distribution strategy
Reckitt Benckiser employs the E-Commercial distribution strategy in which it sells its products through its website. It also sells its products to consumers who then sell them to retailers (Haqui, 2020). For Clorox company, it sells its products through mass retail outlets, wholesale distributors, e-commerce channels, and medical supply distributors.
Pricing strategies
The company’s competitors also have well-established pricing strategies that when understood will enhance the company’s market positioning. Reckitt Benckiser employs value-based pricing as a part of its marketing mix (Haqui, 2020). Conversely, Clorox company applies both price penetration strategy especially for products that it seeks to expand their market and also skimming strategy with which the company establishes distinctive patterns of its products for the justification of the price that it offers its products.
Marketing strategies
Additionally, Reckitt Benckiser uses the advertising and promotional marketing strategy which encompasses innovative marketing considering that the company deals in Fast-Moving Consumer Goods (FMCG). Clorox company uses the “Always on Principle” strategy which is applied through its digital platform in form of targeted advertisements. According to Helpme.com (2020), the company also conducts product marketing as part of its marketing strategy.
Competitor Differentiation
The competitors are differentiating themselves using advanced technologies, increased funding on their research and development, diversification of their brands, opening up their operations overseas, partnering with other well-established firms, and also through price volatility. However, this company can use the existing digital platforms to differentiate itself and by reinventing other online ways that can provide significant information regarding the product alongside. This company can also significantly benefit by investing in its research and development department to help thus identifying ways in which it can distinguish itself without downshifting its operations. The uniqueness of its detergent product is a differentiating strategy that another company invests in. As such, the company will distinguish itself from its competitors with the introduction of a product that is inclined towards addressing the social challenges, particularly within the health construct.
Overcoming Challenges in Marketing
Most companies are usually saddled with challenges in the marketing environment. As such, it is salient for companies to understand and address those challenges to avoid sabotaging their operations. This company can overcome challenges in the marketing environment by investing in its research and development department. The department can help elevate the company’s ability to identify the effects of particular factors and help in the provision of appropriate measures in countering such effects. Additionally, companies can enhance their communication to consumers with regard to their expectations and timing to overcome challenges in the marketing environment such as changes in purchasing patterns of buyers. Also, the challenges might be overcome by understanding competitors’ modes of operations and by differentiating its products. Finally, the challenges can be overcome by hiring individuals with a broad range of skills and even training them on the various aspects of marketing.
How to compete in Marketing
This company can successfully compete in this market by differentiating its product thus providing the company with a competitive advantage. It can also differentiate itself by offering different prices from that of its competitors. Additionally, Priority Group (2016) confirms that relationship differentiation, distribution differentiation, and reputation differentiation are other ways in which this company can successfully compete in the market.
References
Farooq, U. (2018). Environmental Factors Affect Business | Marketing Tutor. Retrieved 18 March 2021, from https://www.marketingtutor.net/environmental-factors-affect-business/
Haqui, F. (2020). Marketing Mix of Reckitt Benckiser. Retrieved 18 March 2021, from https://www.thestrategywatch.com/marketing-mix-reckitt-benckiser/
Helpme. (2020). Clorox Portfolio Analysis: Marketing Strategy. Retrieved 18 March 2021, from https://www.123helpme.com/essay/Clorox-Portfolio-Analysis-Marketing-Strategy-288688#:~:text=According%20to%20Benno%20Dorer%2C%20Clorox's,applied%20through%20the%20digital%20platform.&text=Clorox%20also%20intends%20to%20increase,and%20more%20targeted%203D%20plans .
Libraries. (2011). 9.8 The Marketing Environment. Retrieved 18 March 2021, from https://open.lib.umn.edu/exploringbusiness/chapter/9-8-the-marketing-environment/
Priority Group. (2016). 6 Ways to Differentiate Your Business from the Competition. Retrieved 18 March 2021, from https://blog.marketresearch.com/6-ways-to-differentiate-your-business-from-the-competition
